In all, the Arctic has about 20% of the world’s recoverable oil and gas reserves—if recoverable is the right word.But they would supply just under three years of global consumption at current rates. Now I was taught (republican math) that if you divide 20% into 100% you get 5. Third grade math problem. If 20% of x = 3 years, what does 100% of x = ? Can you say 15 ? Are these green weenies trying to tell us that the whole world is goin to run out of oil in 15 years ? Hello !! Al Gore didn't have anything to do with this article did he ? Didn't think so.

1:53 pm July 24, 2008

Russ Sutton wrote :

Shut up and let them drill. The market will take care of itself. We've let O.P.E.C. control the supply too long while they get richer and we begin to starve. Americans are not martyrs.

2:56 pm July 24, 2008

Gordon Kemps wrote :

I know the United States has the largest coal supply,enough for 350 years! Why aren't we cracking down coal into oil like Hitler did in WWII? The US is sitting on its hands wil oil prices climb out of sight!! We could have oil prices go down to $70 dollars a barrel!!

3:48 pm July 24, 2008

David Ahlport wrote :

==Why aren’t we cracking down coal into oil like Hitler did in WWII?==
-
1. It's 7x more expensive than conventional oil
2. It uses huge amounts of water to process it
3. It releases double the atmospheric pollution. Effectively turning a Prius into a Hummer.

4:12 pm July 24, 2008

Jim wrote :

Both sides of this argument are talking past one another. We need exploration, and we need conservation. The left needs to stop making ANWR and offshore oil a sacred cow to keep their environmental donors happy, and the right needs to stop the economic scare tactics and allow for a Renewable Portfolio Standard.

7:42 pm July 24, 2008

Gustavion wrote :

Quite frankly, this is a VERY important issue. In the coming decades we will see the US, Russia, and Canada claiming stake to the Arctic Circle. The amount of oil and natural gas up there only raises the stakes. Not to mention that Russia just assumes that it deserves all of it.

20% of the earth’s remaining oil will only last 3 years?? Something sounds off there.

If it’s profitable to dril for oil up north, it’s going to be done because Russia will have a stake up there and probably won’t really restrict the area for environmental reasons.

That given, we as individuals need to take greater responsibility for the environmnet. I think it is important for us to support businesses that not only provide us our desired utility but also benefit the environment. For example, I came across a website http://www.simplestop.net that stops your postal junk mail and benefits the environment.

1:14 am July 25, 2008

danny bloom wrote :

Keith
are you ever gonna blog about polar cities, aka Lovelock Retreats, or should I stop pestering you?

Both sides are right when claiming we need conservation and increased supplies but the conservation side is wrong when they say it will have to come from government mandate. There is a threshold energy price at which Americans will begin to conserve more without the government doing anything. Had Congress had the guts to raise gas and energy taxes a long time ago, much of the conservation and efficiency gains they are now clamoring for would have happened as a result of market forces.
If it costs more to heat your home, Americans won't necessarily move into smaller houses but they will seek ways to make their homes more energy efficient. If gasolinehad cost more, Americans would have switched to smaller cars and auto makers would have worked harder to meet the demands for fuel efficeint cars, including SUV's, a long time ago. We're now responding, yet again, to short sighted political thinking. Our politicians are incapable of planning beyond the next election and We the People have to pay the price.

8:14 pm July 29, 2008

THOMAS PRETORIUS wrote :

Conservation is trying to reverse progress and looking for more oil is short sighted and foolish adherence to the past. America was a leader , now you want to hide in the past. Well you hjad best learn Chineese--they will be your future!
Our only hope is a effort on the level of the "Manhattan Project" to discover and develop alternative energy sources. With this we can lead the world for the rest of this century! Without it ---well the chineese thing!

1:49 am July 30, 2008

Another Eric wrote :

Some of you are misreading the numbers-- as stated, the 20% is oil AND gas reserves combined, most of which gas in Russian territory; whereas the 3 years worth is regarding the (smaller) oil reserves only.

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About Environmental Capital

Environmental Capital provides daily news and analysis of the shifting energy and environmental landscape. The Wall Street Journal’s Keith Johnson is the lead writer. Environmental Capital is led by Journal energy reporter Russell Gold, and includes contributions from other writers at the Journal, WSJ.com, and Dow Jones Newswires. Write us at environmentalcapital@wsj.com.